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Lender rating
Since January 2009
Reverse mortgages are for 62 yrs./older. Mortgage-holders don't make monthly payments, retain title/ownership of their home, receive monthly, lump sum/combination payment. They DO NOT interfere with inheritances & eliminate/payoff monthly payments/debt. Consultation is FREE. Rev. Mortgage paid in full when home is sold, final surviving borrower dies, property Taxes become delinquent, Homeowner's ins. lapses, home is abandoned for 12+ mos., home falls into disrepair, is rented, is used as collateral in another loan, zoning classification changes, another owner is added to title. No matter how long you live, you never owe more than actual value of home, even if it depreciates in value. Amount owed depends on cash advances received/interest charged. Repayment is made through proceeds of home's sale/other funds, if available. If borrower dies, mortgage must be repaid before title can be transferred. Out of pocket costs can consist of appraisal & credit report fees/Other costs can include closing costs, title search, inspection, Homeowner's Ins., origination charges & etc. Federal Truth-in-Lending law require lender discloses "Total Annual Loan Cost" for loan/total cost over life-period of the Mortgage. Rev. Mortgages stipulate that independent counseling prior to approval/qualification of loan is mandatory. Pros & cons or mortgage must be weighed/Merits determined by individual's personal financial situation. If I can answer specific questions, contact me.
Lender rating
Since January 2009
Basically all borrowers need to be at least 62 years of age the loan amount is determined by a combination of the apprased value and your age.
They are very expensive to close, however the closing costs are added to the loan so you do not bring anything to closing. You are required to attend counseling.
A goud source of information is AARP.
Lender rating
Since January 2009
Featured Rates are based on state rates for 5/1 ARM loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
If a lender does not offer a national rate, a state rate may be shown next to the lender's name. For example, 'Bank name (CA)'.
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reverse mortgage?
Leo12345
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